According to Investopedia, a subprime credit card is defined as:

A type of credit card issued to people with substandard credit scores or limited credit histories. These cards will typically carry much higher interest rates than credit cards granted to prime borrowers; they also come with extra fees and lower credit limits.

In other words, these credit cards are made especially for those with bad credit scores and are seeking credit through any means available. Some may be desperate enough to fall prey to predatory lending practices but I bet even they would not be silly enough to fall for THIS credit card!

Deemed the worst credit card in financial history, the Continental Finance MasterCard is, in my opinion, the one financial product you should stay away from, no matter how desperate you are to repair your credit. With a super duper low credit limit of $53, it is astounding what cardholders can enjoy from this turkey. And that’s not all, users will also benefit from (do you detect a hint of sarcasm dripping from the word “benefit”?):

• Account setup fee of $99 (What? Just for setting up my account?)
• Program participation fee of $89 (Pray tell what advantages am I to partake in this “program”?)
• Annual fee of $49 (Bank of America can pull off its annual fee stint but can this insecure card do the same?)
• Authorized user fee of $30 (Apparently the credit limit of $53 is too much for me to spend!)
• Credit limit increase fee of $25 (This is for every time you request for an increase in credit – even so only $100 is allowed at any one time!)
• And the cream of the crop: $4 Internet payment fee for each transaction done online! Can you say highway robbery?

I honestly think the card issuers are preying on desperate consumers who eagerly want to repair their credit score and rebuild good credit history eventually but beware, you may well be digging a bigger grave for yourself if you get this card. The $53 credit limit is a play on your psychological naivety. I can hear you say “Oh well I’ll just use the card sparingly and not go over the credit limit” but heed my advice: the card comes with so many other fees that you may very well forget what these are and unknowingly pay more for what you use!

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